Bren let us know late yesterday that six of his buds would be spending the night in our basement. Along with that comes the expectation of a Blackstone breakfast, but more importantly, there are two rules. No one drives home. Everyone stays. And most importantly, nothing but wood can be burned in the outdoor fireplace. That rule had to be put in place over the summer when a few outdoor seat cushions went missing.
A Look Back
As we head into the New Year, a quick thank you to our referral sources and our team for a great year. Our revenue target was a 50 percent increase year over year, and we ended up with a 57 percent increase. That would not have been possible without a great team and, most importantly, strong partnerships and referral relationships. We are humbled and grateful for the trust you place in us every day.
Market Notes
There has not been much news over the past couple of weeks relative to mortgage rates. We have settled into a very tight range, with rates ending the year notably lower than where we started and, perhaps more importantly, stable.
Over the last few years, market expectations have varied widely, and uncertainty was often the norm. This year, the expectation at a minimum is for near-term stability. If we catch a couple of breaks, we could even see some improvement. Unless inflation trends higher, it would be atypical for rates to rise meaningfully at this point.
For rates to improve, we will need to see job growth continue to slow and inflation continue moving lower toward the Fed’s 2 percent target. This coming Friday, we will get the December read on job growth and the unemployment rate, which should help set the near-term tone as we head into the spring market.
Looking Ahead*
Enjoy a great week, and as always, if we can assist with any mortgage related questions or needs, please feel free to call.
-Steve-
*All loans are subject to credit approval and program guidelines. This communication is for informational purposes only and is not a commitment to lend.